Official Bitcoin & Cryptocurrency Discussion Thread

[hayZ]

Clearly there's money to be made but just as many, at least recently must also lose money.

But you can say the same about betting on horse racing.

My question is still how can crypto ever be a currency when the two main criteria of a viable currency are stability and ease of use.

Bitcoin can move 20%+ in a few hours and transactions can take days.

It's simply a speculative asset that people buy as a way to make money.

It isn't and never will be a currency and since that's the premise behind why it's valuable I can't see how it's a sound investment.

A high risk get rich quick scheme sure or a bit of fun gambling but I'll keep my big pharma shares I think.

No one uses Bitcoin to make transactions because it's slow as hell. Litecoin is actually far better in that regard. I spoke to someone who's into Crypto and apparently they will be bringing out lightning network (iirc) and it'll make transactions a whole lot quicker for BTC.

Crypto is still VERY new and VERY volatile. When I joined in October/November, the market was on a rapid incline and people were making a lot of money. Since mid December until the last few days, it's been on the opposite. Apparently it's like this every year during this period.

It is very high risk but there is a lot more money to be made right now compared to stocks imo. The success of making money in Crypto is just TOO closely linked with the price of BTC. When BTC is doing well, the whole market is doing well for the most part. When it's doing badly, the whole market does badly for the most part. For the past few days, it's been going up nicely until today when it's gone down again. I don't see the point in putting money into most of these coins which is why i'm only really involved in BTC (most money to be made imo), Eth, Litecoin and a bit into ICX.

[GrandmasterWang]

Just out of curioisoty did u predict it would lose 70% of its value on a couple of weeks when it hit 20k ?

No I didn't, I predicted it would lose value, but not 70%. I expected around 40-50%. I might be pretty good with my predictions but I'm not that good

I hadn't stumbled across this thread back then, but if anyone cares I'll continue to put the occasional price prediction in here moving forwards. If that's not welcome here I won't (just let me know), I'm new to Boxingscene as a whole.

Earlier in this thread (or maybe another one) I listed the BTC price floor as $5250 USD (once I realised how strong the sell off was, BTC was maybe $7-8k at the time). I had an order to buy more at that price which was not hit as I slightly underestimated the BTC resilience.

If I'm right with my predictions I'll say so but certainly won't take credit for a claim I don't make (same as for fight predictions).

[GrandmasterWang]

No one uses Bitcoin to make transactions because it's slow as hell. Litecoin is actually far better in that regard. I spoke to someone who's into Crypto and apparently they will be bringing out lightning network (iirc) and it'll make transactions a whole lot quicker for BTC.

Crypto is still VERY new and VERY volatile. When I joined in October/November, the market was on a rapid incline and people were making a lot of money. Since mid December until the last few days, it's been on the opposite. Apparently it's like this every year during this period.

It is very high risk but there is a lot more money to be made right now compared to stocks imo. The success of making money in Crypto is just TOO closely linked with the price of BTC. When BTC is doing well, the whole market is doing well for the most part. When it's doing badly, the whole market does badly for the most part. For the past few days, it's been going up nicely until today when it's gone down again. I don't see the point in putting money into most of these coins which is why i'm only really involved in BTC (most money to be made imo), Eth, Litecoin and a bit into ICX.

Great post. Agree 100% on the link between BTC and the rest of the market and also Litecoin's advantages over BTC. I could be wrong but to get a decent speed transaction I believe BTC has the highest fees due to its mining issue.

I'm big on Litecoin and with Litepay coming I think it has a great future.

[Eff Pandas]

[Eff Pandas]

Looks like Robinhood is getting things rolling now finally.

Check your inbox, because the first set of Robinhood customers can buy and sell Bitcoin and Ethereum with Robinhood Crypto, starting today. All your investments, commission-free, on one platform.

We are gradually rolling out access to Robinhood customers residing in California, Massachusetts, Missouri, Montana, and New Hampshire, and look forward to releasing crypto trading functionality in many more states later. In the meantime, all investors on Robinhood can monitor and track market data for 16 cryptocurrencies.

With today’s trading launch, we’re also announcing Robinhood Feed – a brand new way to discuss cryptocurrencies, news, and market swings, in real-time with other investors on Robinhood.

http://blog.robinhood.com/news/2018/...rading-is-here

[Eff Pandas]

Well the mystery of the insane drop off has been solved for those who were legit curious. Looks like the guy who has been handling the Mt Gox situation (don't ask if you don't know, go google it cuz thats a whole thing itself & ironically is why the crypto market went down crazy in 2013) & sold off $400M worth of coins.

The MT Gox trustee has sold half a billion worth of bitcoin and bitcoin cash between December 2017 and February 2018 it was revealed today.

Blockchain data analysis suggests the time of sale correlates considerably with the timing of the December crash and subsequent price falls in bitcoin.

MT Gox’s bitcoin addresses are well known as blockchain detectives spent months analyzing them. One such address shows 2,000 bitcoin held by the trustee were moved on December 18th.

On that very day, bitcoin’s price stood at $19,000, briefly fell to $18,000, then continued to fall in subsequent days:


On December the 22nd, the trustee moved 6,000 bitcoin. That’s the big red daily candle above labeled 2, sending price from nearly $16,000 to a brief low of $10,800.

It appears he gave some time for the market to recover, then on the 17th of January at 3AM he sold 8,000 bitcoins. Crashing the market again.

He then sells another 6,000 on the 31st of January, but the vast majority was sold on the 5th of February, 18,000 in total. Sending the price to its recent bottom from which it then went on to recover and nearly double as the selling finally stopped.

This suggests the trustee has sold it all on exchanges, rather than Off The Counter (OTC), sending price down some 75% by perhaps placing market orders.

Moreover, since the addresses are public and probably watched, other market participants would have been aware of the move, but it might have not been clear these were going to an exchange.

Of course the price crash could have been caused by other reasons, but ethereum – which has its own fiat pipelines – did not move much for a long time, and even went on to a new brief all-time high in January, until sentiment turned.

The bitcoin sell-off therefore appears to have been specific to the coin as the sale of half a billion would have placed significant pressure on the price.

Which means this is arguably the fourth time now that MT Gox crashes bitcoin. The first time was in 2011 when MT Gox was hacked out of some half a million bitcoins.

Then in March 2013 when it was DDoSed, then in February 2014 when it went bankrupt, and now in 2017-8 following the peculiar decision of the trustee and the Japanese court to sell 35,000 bitcoins and bitcoin cash.

https://www.trustnodes.com/2018/03/0...n-data-reveals

[Eff Pandas]

People who've bought their first $crypto in the last two months pic.twitter.com/t5SKD6g54u

— Moon Overlord (@MoonOverlord) March 7, 2018

[GrandmasterWang]

Thanks for the info regarding Mt Gox.

[Sugar Adam Ali]

Lmao..

The dude dumped less than half a billion, the market cap was 170+billion.

Less than 0.5% of marketcap, and that’s what you guys think supposedly crashed the market.

How the **** does less than a half percent tank a legit market?

[GrandmasterWang]

Sold out of 100% of my Ethereum position yesterday. It has since dropped 7% or so.

I expect further decreases in its price and plan on increasing my overall position once it drops lower.

My prediction is that Ethereum which is currently $707 USD continues to go down lower than what it is currently.

Overall for 2018 I'm bullish on Ethereum but expect more downturn in the short term.

Great trading opportunity for my fellow boxing and Crypto fans.

Post is opinion and not advice of course.

G20 will be interesting for the Cryptocurrency markets.